Mortgage Costs for a $614,000 Home

Monthly Payment Options

Here are the monthly payments for a $614,000 home loan based on a down payment and current mortgage rate averages from Freddie Mac as of September 21, 2017.
Check LendingTree to see current rates from multiple lenders or view the mortgage providers listed below.

Down Payment(% - Amount)

15 Year Mortgage(3.13% Fixed Rate)

30 Year Mortgage(3.83% Fixed Rate)

0% - $0

$4,279

$2,871

3% - $18,420

$4,150

$2,785

5% - $30,700

$4,065

$2,728

7% - $42,980

$3,979

$2,670

10% - $61,400

$3,851

$2,584

15% - $92,100

$3,637

$2,441

20% - $122,800

$3,423

$2,297

25% - $153,500

$3,209

$2,154

30% - $184,200

$2,995

$2,010

Use our amortization calculator to create a printable payment schedule for any of these options. Just subtract your down payment from the home price and enter that number as the loan's principal.

Mortgage Providers

Choose a lender below and lock in your estimated payment of $1,169 or less (zip code: 20149)

Important information about our rate tables
The listings that appear on this page are from companies from which this website and Bankrate may receive compensation, which may impact how, where and in what order products appear. These listings do not include all companies or all available products. Neither Bankrate nor this website endorses or recommends any companies or products.

×

Advertising Disclosure

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

Total Costs Comparison

Here are the total cost (principal and interest) of each mortgage option not including the down payment.

Down Payment(% - Amount)

15 Year Mortgage(3.13% Fixed Rate)

30 Year Mortgage(3.83% Fixed Rate)

0% - $0

$770,160

$1,033,731

3% - $18,420

$747,055

$1,002,719

5% - $30,700

$731,652

$982,044

7% - $42,980

$716,249

$961,370

10% - $61,400

$693,144

$930,358

15% - $92,100

$654,636

$878,671

20% - $122,800

$616,128

$826,985

25% - $153,500

$577,620

$775,298

30% - $184,200

$539,112

$723,611

Can I Afford a $614,000 Home?

Financial advisors recommend that your mortgage payment should be no more than 28% of your monthly household income. Considering that fact, here are the minimum required monthly incomes
you need to afford this house based on your down payment.

Down Payment(% - Amount)

15 Year MortgageHousehold Income

30 Year MortgageHousehold Income

0% - $0

$15,281

$10,255

3% - $18,420

$14,823

$9,948

5% - $30,700

$14,517

$9,743

7% - $42,980

$14,211

$9,537

10% - $61,400

$13,753

$9,230

15% - $92,100

$12,989

$8,717

20% - $122,800

$12,225

$8,204

25% - $153,500

$11,461

$7,691

30% - $184,200

$10,697

$7,179

Additional Fees to Consider

There are many additional fees that are associated with purchasing a home. Be sure to budget for these types of costs when making your purchase decision.

Fee

Cost Description

Private Mortgage Insurance (PMI)

A down payment of less than 20% often requires PMI which will increase your monthly payment. For a $614,000 home, a 20% down payment would be $122,800.

Home Purchasing Fees

The buyer of a home will usually be required to pay for an inspection, closing costs and other fees during the closing process.

Taxes and Insurance

Purchasing a more expensive home than before will usually result in paying more in taxes and insurance.

Homeowners' Association Fees

Buying a home in a condominium or planned development may require paying a monthly or yearly fee.

Home Repairs and Improvements

A house will often require repairs that were identified during the inspection process. This can range from very minor upgrades to significant repairs costing thousands of dollars. Make sure to also consider the replacement costs of older appliances in the house as they may need to be replaced at anytime.

Disclaimer

This information is provided "as-is" and should only be used for general informational purposes. All costs were rounded to the nearest dollar to make the page more legible. Although the cost calculations are believed to be reliable, its accuracy is not warranted in any way.